10 highest paid MDs/CEOs in Nigeria

10 highest paid MDs/CEOs in Nigeria
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10 highest paid MDs/CEOs in Nigeria

At the beginning of 2024, the number of companies in the Nigerian stock market with a market cap of over a trillion naira grew to 13. Behind these records lie the efforts of individuals, notably the MDs and CEOs, who bear the weight of responsibility in steering their companies through turbulent times.

  • Business Insider Africa presents the 10 highest paid MDs/CEOs in Nigeria.
  • The list is courtesy of Nairametrics.
  • The highest-earning MDs and CEOs amassed N7.9 billion, an increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.

At the start of 2024, Dangote Cement surpassed the N10 trillion market cap, becoming the first Nigerian company to achieve this feat.

Around the same time, the number of companies in the Nigerian stock market with a market cap of over a trillion naira grew to 13. The trillionaire club in Nigeria’s bourse expanded to include United Bank for Africa (UBA), Access Holdings, and First Bank of Nigeria (FBN) Holdings.

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These achievements are commendable given the economic challenges including sky-high inflation, and exchange rate depreciation that plagued the country into the new year.

Behind these records lie the efforts of individuals, notably the MDs and CEOs, who bear the weight of responsibility in steering their companies through turbulent times. As the saying goes, “Uneasy lies the head that wears the crown.”

These leaders are tasked with navigating a volatile economic environment, making critical decisions that affect thousands of employees, and ensuring sustainable growth and profitability for their companies.

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A recent report by Nairametrics revealed how these leaders are compensated for their strategic leadership and the significant responsibilities they shoulder in driving their companies towards success.

For 2023, the research reveals that the highest-earning MDs and CEOs amassed N7.9 billion, an increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.

The compensation packages for CEOs in Nigeria include substantial salaries, bonuses, stock options, and various other benefits.

Note: While this list aims to be comprehensive, it is not exhaustive; several other CEOs/MDs were paid high remunerations and emoluments but this list has been streamlined to the highest paid across some key industries. The individuals featured in this compilation have been carefully selected based on the highest remuneration across varying industries.

Below are the 10 highest paid MDs/CEOs in Nigeria:

RankCEOCompanyAnnual remuneration
1Ebenezer OnyeagwuZenithN2.16 billion
2Karl ToriolaMTN NigeriaN1.6 billion
3Lars RichterJulius BergerN888 million
4Roger BrownSeplatN746 million
5Arvind PathakDangote CementN609 million
6Samba SeyeTotal EnergiesN544 million
7Hans EssaadiNigerian BreweriesN486 million
8Segun AgbajeGuaranty Trust HoldingN457 million
9Tim KleinebenneUnilever NigeriaN313 million
10Babatunde FajemirokunAIICO Insurance PLCN233 million

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